On our positioning dashboard, one contract is by far larger than any other: the contract that prices the rate path, not a single decision. In the 8 September 2026 report, leveraged funds’ net position was short 2,803,445 contracts — the third-deepest bearish reading in the contract’s entire history. This report explains what this contract is, why the position actually deepened, who stands on the other side, and what the market is pricing for the next two years while most research houses have declined to write any path.
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